Indonesia, July 6 -- Indonesia's Deputy Finance Minister Thomas Djiwandono stated that the New Development Bank (NDB), initiated by BRICS countries, will not evolve into a dominant institution like the International Monetary Fund (IMF) or the World Bank.

He made the statement ahead of the BRICS Summit attended by President Prabowo Subianto in Rio de Janeiro, Brazil, on Saturday (July 5).

President Prabowo Subianto is scheduled to be in Brazil until July 9, 2025. His agenda includes attending the BRICS Leaders' Summit on July 6 and 7 at the Museum of Modern Art (MMA) in Rio de Janeiro, followed by a bilateral meeting with Brazil in Brasilia on July 8 and 9.

"We very much welcome the NDB and invite the bank to support us, especially in i...